Citadel Investment Advisory, Inc.

In its 13F for Q2 2026 (holdings as of June 30, 2026, filed July 23, 2026), Citadel Investment Advisory, Inc. reported 75 stock positions worth $220.0 million. Its top holding was Berkshire Hathaway Class B (BRK.B) at 23.8% of the portfolio, followed by Markel (MKL, 13.5%) and Alphabet Class A (GOOGL, 7.6%). Compared with Q1 2026, it sold out of 2, added to 3 and reduced 20. The biggest buy was Johnson & Johnson (JNJ, shares −0%) and the biggest sale Imperial Metals (IPMLF, shares −0%).

Most Recent 13F
Q2 2026
Location
CHESTERLAND, OH
CIK
0001811907
Portfolio Value
$220.0M (Q2 2026)
SEC Filing
0001811907-26-000003 ↗ filed Jul 23, 2026

Holdings Value

0$50.0M$100.0M$150.0M$200.0M$250.0M Q1 2024: $177.1M Q1 2024 Q2 2024: $175.5M Q2 2024 Q3 2024: $189.8M Q3 2024 Q4 2024: $192.6M Q4 2024 Q1 2025: $203.4M Q1 2025 Q2 2025: $206.1M Q2 2025 Q3 2025: $217.7M Q3 2025 Q4 2025: $231.2M Q4 2025 Q1 2026: $209.2M Q1 2026 Q2 2026: $220.0M $220.0M Q2 2026

Holdings 75 stocks · $220.0M
BRK.B Berkshire Hathaway Inc. Class B 23.84% 104,793 $52.4M Reduce -0.1%
MKL Markel Group Inc. 13.53% 15,242 $29.8M No change
GOOGL Alphabet Inc. Class A 7.58% 46,669 $16.7M Reduce -0.4%
GOOG Alphabet Inc. Class C 4.41% 27,430 $9.7M Reduce -1.1%
IPMLF Imperial Metals Corp. 3.45% 1,732,813 $7.6M Reduce -0.1%
PM Philip Morris International 3.21% 39,030 $7.1M No change
JNJ Johnson & Johnson 2.66% 23,054 $5.9M Add +0.0%
MSFT Microsoft Corp. 2.47% 14,568 $5.4M No change
RTX RTX Corp. 2.41% 27,943 $5.3M No change
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 2.16% 16,875 $4.7M No change
ABBV Abbvie Inc. 2.04% 17,848 $4.5M Reduce -0.1%
GS Goldman Sachs Group Inc. 1.89% 4,100 $4.1M Reduce -0.4%
MCO Moody's Corp. 1.53% 7,427 $3.4M No change
ORCL Oracle Corp. 1.49% 22,366 $3.3M No change
KO The Coca-Cola Co. 1.42% 38,403 $3.1M Reduce -0.3%
GD General Dynamics Corp. 1.34% 8,291 $2.9M Reduce -0.1%
MCD McDonald's Corp. 1.26% 10,274 $2.8M Add +0.0%
JPM JPMorgan Chase & Co. 1.25% 8,422 $2.8M No change
BKNG Booking Holdings Inc. 1.16% 14,325 $2.6M No change
AMG Affiliated Managers Group 0.99% 6,452 $2.2M No change
MTD Mettler-Toledo International 0.99% 1,700 $2.2M No change
DIS The Walt Disney Co. filed as DISNEY WALT CO 0.98% 22,311 $2.1M Reduce -0.5%
PEP Pepsico Inc. 0.95% 15,481 $2.1M Reduce -0.5%
WRB WR Berkley Corp. filed as BERKLEY W R CORP 0.94% 29,468 $2.1M No change
AXP American Express Co. 0.90% 5,832 $2.0M No change
IDXX Idexx Laboratories Inc. 0.83% 3,486 $1.8M Reduce -0.1%
CSX CSX Corp. 0.81% 37,585 $1.8M Reduce -0.2%
WFC Wells Fargo & Co. 0.74% 19,775 $1.6M No change
Medtronic 0.74% 20,700 $1.6M No change
CACC Credit Acceptance Corp. 0.73% 2,525 $1.6M No change
BUD Anheuser-Busch Inbev-SPN ADR 0.61% 16,383 $1.4M No change
WBD Warner Bros Discovery Inc. 0.61% 50,363 $1.3M No change
ETN Eaton Corp. PLC 0.61% 3,144 $1.3M No change
MHK Mohawk Industries Inc. 0.54% 9,852 $1.2M No change
BAC Bank of America Corp. 0.53% 20,560 $1.2M Reduce -0.8%
AMZN Amazon.com Inc. 0.50% 4,612 $1.1M No change
JEF Jefferies Financial Group Inc. 0.43% 19,080 $954K Add +3.3%
LOW Lowe's Cos Inc. 0.40% 4,026 $888K No change
VISTAPRINT N V 0.40% 8,575 $872K No change
CNI Canadian Natl Railway Co. 0.39% 7,161 $854K No change
HHC The Howard Hughes Corp. 0.38% 11,692 $836K No change
DHR Danaher Corp. 0.38% 4,348 $828K No change
John Marshall Bank 0.37% 37,200 $811K No change
ABT Abbott Laboratories 0.36% 8,730 $792K No change
SYY Sysco Corp. 0.36% 9,401 $786K No change
BA The Boeing Co. 0.34% 3,495 $757K No change
EG Everest Group Ltd. 0.32% 1,960 $700K No change
MA Mastercard Inc. Class A 0.27% 1,155 $593K No change
WYNN WYNN Resorts Ltd. 0.26% 5,811 $564K No change
PG The Procter & Gamble Co. 0.22% 3,358 $492K No change
META Meta Platforms Inc. Class A 0.20% 790 $445K No change
AAPL Apple Inc. 0.20% 1,500 $434K No change
LDOS Leidos Holdings Inc. 0.19% 4,110 $423K No change
UPS United Parcel Service Class A 0.18% 3,703 $398K Reduce -1.3%
CMCSA Comcast Corp. Class A 0.17% 15,630 $384K Reduce -2.5%
SEIC Sei Investments Company 0.15% 3,890 $341K No change
MSCI MSCI Inc. 0.15% 585 $328K No change
LECO Lincoln Electric Holdings 0.15% 1,221 $324K Reduce -3.2%
Radiant Logistics 0.14% 33,052 $313K No change
ESAB Esab Corp. 0.14% 3,038 $300K Reduce -3.2%
CI The Cigna Group 0.14% 1,081 $298K No change
T AT&T Inc. 0.13% 14,077 $291K No change
MDLZ Mondelez International Inc. Class A 0.12% 4,376 $253K No change
FCN Fti Consulting Inc. 0.11% 1,670 $249K No change
KDP Keurig Dr Pepper Inc. 0.11% 7,145 $234K Reduce -4.0%
SIRI Sirius XM Holdings Inc. 0.10% 7,396 $218K No change
WTW Willis Towers Watson PLC 0.10% 817 $214K No change
WTM White Mountains Insurance GP 0.09% 100 $207K No change
PNFP Pinnacle Financial Partners 0.09% 1,909 $193K No change
BF.B Brown-Forman Corp. Class B 0.08% 6,804 $181K No change
COF Capital One Financial Corp. 0.08% 950 $173K No change
FISV Fiserv Inc. 0.07% 3,369 $165K Reduce -0.9%
LBRDK Liberty Broadband-C 0.05% 3,324 $111K No change
LBYKV Liberty Global PLC-C-Wi 0.04% 7,820 $86K No change
LBYAV Liberty Global PLC-A-Wi 0.02% 4,414 $50K Reduce -21.9%
Other holdings (1): bonds, preferreds, convertibles and warrants · $302K (not counted above)
SecurityClassShares / PrincipalValueChange
CITIGROUP INC (C 6.875 PERP L) Equity 3,297$302KNo change

Total filed on the 13F, all lines: $220.3M.

Portfolio Sells Q1 2026 → Q2 2026
IPMLF Imperial Metals Corp. Reduce -0.1% 3.45% −1.16
PEP Pepsico Inc. Reduce -0.5% 0.95% −0.20
BRK.B Berkshire Hathaway Inc. Class B Reduce -0.1% 23.84% −0.19
IDXX Idexx Laboratories Inc. Reduce -0.1% 0.83% −0.10
DIS The Walt Disney Co. Reduce -0.5% 0.98% −0.06
CMCSA Comcast Corp. Class A Reduce -2.5% 0.17% −0.05
GD General Dynamics Corp. Reduce -0.1% 1.34% −0.03
ENOV Enovis Corp. Sold out 0.00% −0.02
FISV Fiserv Inc. Reduce -0.9% 0.07% −0.02
LBYAV Liberty Global PLC-A-Wi Reduce -21.9% 0.02% −0.01
CABO Cable One Inc. Sold out 0.00% −0.01
ESAB Esab Corp. Reduce -3.2% 0.14% −0.01
LECO Lincoln Electric Holdings Reduce -3.2% 0.15% −0.00
UPS United Parcel Service Class A Reduce -1.3% 0.18% +0.00
KDP Keurig Dr Pepper Inc. Reduce -4.0% 0.11% +0.01
KO The Coca-Cola Co. Reduce -0.3% 1.42% +0.02
BAC Bank of America Corp. Reduce -0.8% 0.53% +0.05
CSX CSX Corp. Reduce -0.2% 0.81% +0.07
ABBV Abbvie Inc. Reduce -0.1% 2.04% +0.19
GS Goldman Sachs Group Inc. Reduce -0.4% 1.89% +0.22
GOOG Alphabet Inc. Class C Reduce -1.1% 4.41% +0.60
GOOGL Alphabet Inc. Class A Reduce -0.4% 7.58% +1.14

Portfolio Buys Q1 2026 → Q2 2026
JNJ Johnson & Johnson Add +0.0% 2.66% −0.03
JEF Jefferies Financial Group Inc. Add +3.3% 0.43% −0.11
MCD McDonald's Corp. Add +0.0% 1.26% −0.26

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 75$220.0MBRK.B, MKL, GOOGL, GOOG, IPMLF
Q1 2026 77$209.2MBRK.B, MKL, GOOGL, IPMLF, GOOG
Q4 2025 78$231.2MBRK.B, MKL, GOOGL, IPMLF, GOOG
Q3 2025 81$217.7MBRK.B, MKL, GOOGL, MSFT, IPMLF
Q2 2025 82$206.1MBRK.B, MKL, GOOGL, MSFT, PM
Q1 2025 81$203.4MBRK.B, MKL, GOOGL, PM, MSFT
Q4 2024 81$192.6MBRK.B, MKL, GOOGL, MSFT, GOOG
Q3 2024 80$189.8MBRK.B, MKL, GOOGL, MSFT, GOOG
Q2 2024 81$175.5MBRK.B, MKL, GOOGL, MSFT, GOOG
Q1 2024 81$177.1MBRK.B, MKL, GOOGL, MSFT, GOOG